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This Just In: Appraising Is Not An Exact Science

Source: NY Public Library

In the article Md. court rules ‘appraising property not an exact science’ [Valuation Review] [1]

“A U.S. District Court in Maryland denied a debtor’s bankruptcy appeal that was founded on claims that the bankruptcy judge erroneously judged the value of her property.”

Appraisal: Art Or Science? [RealtyTimes] [2]

Here’s my position on appraising as an art or science:

This point has been debated for eons. I always found that when appraisers have said appraising is an art, they usually didn’t have good comps.

The appraisal process includes many points of subjective interpretation and thats the “art”. Adjustments and theory, thats the science. When I hear the use of this phrase I think of the artist Jason Pollock, splattering paint all over a canvas shouting “Here’s The Value!”

As appraisers, please don’t resort to this sort of phraseology, its corny and dilutes our professionalism.